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Banks hire 100’s of Debt Collection Agents ahead of Covid Loan repayments

UK debt collections

The UK’s four largest banks are said to have hired over 750 new Debt Collection staff to their debt recovery units in a major challenge facing them. It is expected there will be a tidal wave of defaults on the loan repayments as Businesses struggle to cope in the aftermath of the pandemic.

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What Are The Common Problems Faced by the Debt Collection Agents?

Taurus Collect

Thus, timely debt collection is crucial for every business. Moreover, debt recovery is directly associated with your credit score. Therefore, it is vital to have a robust debt collection strategy to enable you to stabilise your cash flow and acquire money from your debtors without hampering your business relationships.

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6 Quick Steps to Increase Cash Flow and Reduce Debt

Debt Recoveries

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.I Charge interest and a recovery fee and make sure this is made clear on your credit application forms and on each invoice. Get your collection agent to conduct a credit report on potential clients.

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Compliance Digest – August 19

Account Recovery

Bill Banning Social Media Debt Collection Passes N.Y. Kathy Hochul, that if signed, would prohibit the use of social media platforms to collect debts, for creditors or the collection agents working on their behalf. Legislature A bill is before New York Gov. More details here.

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Compliance Digest – August 19

Account Recovery

Bill Banning Social Media Debt Collection Passes N.Y. Kathy Hochul, that if signed, would prohibit the use of social media platforms to collect debts, for creditors or the collection agents working on their behalf. Legislature A bill is before New York Gov. More details here.

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Best Practices for Call Baiting in Debt Collection

PDC Flow

Heres what debt collection experts David Kaminski, Partner at Carlson & Messer LLP, Kelly Parsons-OBrien, President at Pacific Credit Services, and Mike Cheek, VP at California Business Bureau say. The term call baiting may seem self-explanatorybaiting a debt recovery professional during a phone call.

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Toll fine Debt Collection letters are ‘intimidating and misleading’

UK debt collections

Guidelines on debt recovery letter phrasing warn against using “potentially misleading” words such as “enforcement” in trading names so as not to deceive debtors.